RTRS: India gold buying stays weak on near-record prices
(Reuters) - India gold buying stayed weak on Wednesday afternoon as near-record high prices deterred traders from placing new deals, dealers said.
"It is very dull today, even rupee is not in a supporting mode," said a dealer with a state-run bank in Mumbai.
A weak rupee makes the dollar-quoted asset expensive.
The most-traded August contract on the Multi Commodity Exchange (MCX) was trading 0.09 percent lower at 18,700 rupees per 10 grams at 3:20 p.m., after hitting a contract high of 18,850 rupees earlier.
"I have advanced orders below $1,205 (an ounce)," said another dealer with a private bank.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
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